Economic parliamentary: the low exchange rate of the dinar against the dollar due to the failed policy of the Central Bank

Sunday, June 2, 2013

The parliamentary economic committee attributed the continued decline in the exchange rate of the Iraqi dinar against the dollar to the central bank's policy "failed".

The central bank has promised to take measures to raise and stabilize the price of the Iraqi dinar as it was in the past, but the impairment and the exchange rate of the dinar continues.

He said the Commission's decision Mahma Khalil told all of Iraq [where] that the continuation of the low exchange rate of the dinar is the result of failed political central bank and keep supply and demand and the reason for this policy recent changes on the management of the bank in addition to that affect and extend the government on the powers of independent bodies, including the Central Bank. "

He added that "the central bank today takes the directives and decisions of the government more than it is committed to the legislative side, although the Constitution provides that the bank linked to the House of Representatives."

He said Khalil "As the Iraqi environment has become a result of current conditions environment expelling the foreign currency and not attractive her and citizens due to lack of customs tariffs and the absence of regulations, the legislative, the goods enter the Iraqi market from different المناشيء a result there is no law on Tariffs customs and such a number of factors led to the low price Iraqi dinar exchange. "

Observers believe Economists and analysts said the increased turnout to buy the dollar has led to a significant drop in the price of the dinar and attribute this to smuggle most of it will offer daily Central Bank of dollars abroad.

The Iraqi Central Bank announced shortly before the new procedures limit the availability of the U.S. currency in markets where demand to buy them, amid suspicions suggest the smuggling of large amounts of hard currency in Iraq for neighboring countries.

And issued the CBI, new instructions to stabilize the exchange rate of the Iraqi dinar against foreign currencies select the stakes weekly for banks and money transfer companies and trading firms currency from the dollar is estimated according to the capital of each of them, and we will increase and decrease the stake against the commitment of all of them deliver the amounts they want customers citizens.

The central bank starts to put the dollar at an auction for the sale of foreign currency at subsidized prices and the lowest of the real exchange rate in the market to support the dinar. "

Observers fear stop CBI those auctions and then multiply the value of the dollar against the dinar. "

The central bank is facing charges for the staff in conjunction with officials in the state with corruption and smuggling of currency Bank is currently subject to investigations affected province former Shabibi, who left Iraq several months ago and no longer fear of arrest according to the warrant.

Employees complain and retirees who receive their salaries in dinars from price rises, and that their salaries are no longer sufficient to meet their needs and that the rise in prices has included real estate and rentals, as well as transportation, food and clothing. 2 ended.

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Central Bank of Iraq is suing one of the members of the House of Representatives

Sunday, June 2, 2013

The Iraqi Central Bank, on Sunday, he would sue one of the members of the House of Representatives for insulting the bank, reiterated his claim politicians or wishing wading in such subjects standing on the health issues that they have, especially since some are real and illogical.

The bank said in a statement received by the agency Ambassador News ", a copy of" one members of the House of Representatives said in a television interview that the central bank has deposited in three Arab banks billion dollars interest rate of 3%, "noting that" this MP is the beginning of what is going on, as the mechanism adopted at the bank is a deposit with the central banks only in countries that have its credit rating more than good, and is performed by a decision of the Board of Directors of the Bank. "

The bank said that "these conversations misleading used to meet the Bank's policy Avenue in uprooting the corrupt and parasites, and his defense of the men bankers serious and actors in building the economy of Iraq," noting that "confuse the information public and shuffling papers in front of him does not constitute an abuse of the central bank and the banking system only, but also to the system of national effort to build the institutions and support the economy and weakens confidence in any decisions and mechanisms can be pursued by the state. "

The bank that he "reserves the right to legal establishment of a lawsuit over what was stated in the interview, which made ​​this MP from abuse and misleading to the Bank's work," reiterated its call "for politicians or wishing to go into such topics, stand on the health issues that they have, especially since some are not real and illogical for a specialist priori. "

The bank said that "access to these topics by the bank will not lose these credibility if their destination reform."

The CBI confirmed, on 19 May 2013, that the statements unauthorized confused the market and led to losses for businessmen and investors, resulting in losses for investors and businessmen, noting that there was no justification for such statements in economic terms.

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